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This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the evolution of sovereign debt markets during the 1990s. It then focuses on the emerging countries' debt crises of the late 1990s and their resolution. Finally, drawing from the analysis of the previous sections, it argues that there is room for significant improvements in the architecture of sovereign debt markets and that emerging countries have much to do in terms of unilateral reforms.

This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the evolution of sovereign debt markets during the 1990s. It then focuses on the emerging countries' debt crises of the late 1990s and their resolution. Finally, drawing from the analysis of the previous sections, it argues that there is room for significant improvements in the architecture of sovereign debt markets and that emerging countries have much to do in terms of unilateral reforms.